{"id":10674,"date":"2022-10-27T05:52:43","date_gmt":"2022-10-27T09:52:43","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=10674"},"modified":"2022-10-27T05:52:43","modified_gmt":"2022-10-27T09:52:43","slug":"bitcoin-price-grinds-higher-why-btc-could-lift-off-to-25k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/10\/27\/bitcoin-price-grinds-higher-why-btc-could-lift-off-to-25k\/","title":{"rendered":"Bitcoin Price Grinds Higher, Why BTC Could Lift-off To $25K"},"content":{"rendered":"

Bitcoin price is gaining pace above $20,000 against the US Dollar. BTC is showing positive signs and might rise further towards $22,000 or even $25,000.<\/em><\/p>\n

Bitcoin is gaining pace above the $20,000 and $20,500 resistance levels.
\nThe price is trading above $20,000 and the 100 hourly simple moving average.
\nThere is a major contracting triangle forming with resistance near $20,820 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rally again if there is a clear move above the $21,200 resistance.<\/p>\n

Bitcoin Price Remains In Uptrend<\/h2>\n

Bitcoin price started a fresh increase<\/a> above the $19,650 and $20,000 resistance levels. BTC bulls were able to push the price into a positive zone above the $20,200 level.<\/p>\n

Yesterday, we saw a bullish continuation pattern with resistance at $20,300. The price did move higher and cleared the $20,300 resistance. It even cleared the $20,500 resistance and settled well above the 100 hourly simple moving average.<\/p>\n

A high was formed near $21,021 and the price is now consolidating gains<\/a>. There was a minor decline below the $20,800 level. Bitcoin price dipped below the 23.6% Fib retracement level of the upward move from the $19,992 swing low to $21,021 high.<\/p>\n

It is now trading above $20,000 and the 100 hourly simple moving average. There is also a major contracting triangle forming with resistance near $20,820 on the hourly chart of the BTC\/USD pair.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

On the upside, an immediate resistance is near the $20,800 zone. The first major resistance sits near the $21,000 level. The next major resistance might be $21,200. A clear move above the $21,200 resistance might send the price towards the $22,000 resistance. Any more gains open the doors for a steady increase towards the $25,000 resistance zone.<\/p>\n

Downside Correction in BTC?<\/h2>\n

If bitcoin fails to rise above the $21,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,700 zone.<\/p>\n

The next major support is near the $20,500 zone. It is near the 50% Fib retracement level of the upward move from the $19,992 swing low to $21,021 high. A downside break and close below $20,500 might clear the path for a test of the $20,000 zone.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n

Major Support Levels \u2013 $20,700, followed by $20,500.<\/p>\n

Major Resistance Levels \u2013 $20,820, $21,200 and $22,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is gaining pace above $20,000 against the US Dollar. BTC is showing positive signs and might rise further towards $22,000 or even $25,000.<\/em><\/p>\n

Bitcoin is gaining pace above the $20,000 and $20,500 resistance levels.
\nThe price is trading above $20,000 and the 100 hourly simple moving average.
\nThere is a major contracting triangle forming with resistance near $20,820 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rally again if there is a clear move above the $21,200 resistance.<\/p>\n

Bitcoin Price Remains In Uptrend<\/h2>\n

Bitcoin price started a fresh increase<\/a> above the $19,650 and $20,000 resistance levels. BTC bulls were able to push the price into a positive zone above the $20,200 level.<\/p>\n

Yesterday, we saw a bullish continuation pattern with resistance at $20,300. The price did move higher and cleared the $20,300 resistance. It even cleared the $20,500 resistance and settled well above the 100 hourly simple moving average.<\/p>\n

A high was formed near $21,021 and the price is now consolidating gains<\/a>. There was a minor decline below the $20,800 level. Bitcoin price dipped below the 23.6% Fib retracement level of the upward move from the $19,992 swing low to $21,021 high.<\/p>\n

It is now trading above $20,000 and the 100 hourly simple moving average. There is also a major contracting triangle forming with resistance near $20,820 on the hourly chart of the BTC\/USD pair.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

On the upside, an immediate resistance is near the $20,800 zone. The first major resistance sits near the $21,000 level. The next major resistance might be $21,200. A clear move above the $21,200 resistance might send the price towards the $22,000 resistance. Any more gains open the doors for a steady increase towards the $25,000 resistance zone.<\/p>\n

Downside Correction in BTC?<\/h2>\n

If bitcoin fails to rise above the $21,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,700 zone.<\/p>\n

The next major support is near the $20,500 zone. It is near the 50% Fib retracement level of the upward move from the $19,992 swing low to $21,021 high. A downside break and close below $20,500 might clear the path for a test of the $20,000 zone.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n

Major Support Levels \u2013 $20,700, followed by $20,500.<\/p>\n

Major Resistance Levels \u2013 $20,820, $21,200 and $22,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-10674","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/10674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=10674"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/10674\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=10674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=10674"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=10674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}